View Information Collection Request (ICR) Package

OMB Control No: 1505-0164	ICR Reference No: 202406-1505-003
Status: Historical Active	Previous ICR Reference No: 202106-1505-001
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: Reporting, Procedures and Penalties Regulations
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 07/12/2024
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/11/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 07/10/2024
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2024	6 Months From Approved	08/31/2024
Responses	137,084	0	30,051
Time Burden (Hours)	44,372	0	13,160
Cost Burden (Dollars)	0	0	0

Abstract: Submissions will provide the U.S. Government with information to be used in enforcing various economic sanctions programs administered by OFAC under 31 CFR Chapter V.

Emergency Justfication: The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) requests emergency clearance by July 12, 2024, from the Office of Management and Budget (OMB) for a revision to OFAC’s Reporting, Procedures and Penalties Regulations Information Collection Request (RPPR ICR), OMB Control No. 1505-0164, to incorporate a reporting requirement mandated by recent legislation. Specifically, section 104(a)(1) of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (“REPO for Ukrainians Act”), (Pub. L. 118-50, Division F), enacted on April 24, 2024, states: (1) NOTICE REQUIRED.—Not later than 90 days after the date of the enactment of this division, the President shall, by means of such instructions or regulations as the President may prescribe, require any financial institution at which Russian sovereign assets are located, and that knows or should know of such assets, to provide notice of such assets, including relevant information required under section 501.603(b)(ii) of title 31, Code of Federal Regulations (or successor regulations), to the Secretary of the Treasury not later than 10 days after detection of such assets. As a result, OFAC submits that emergency clearance for the new reporting requirement is justified under 5 CFR 1320.13(a), (b), and (c), as follows: (a)(1) The collection of information: (i) is required to begin by July 23, 2024, to meet the statutory deadline of 90 days after the enactment of the REPO for Ukrainians Act, which is prior to the expiration of time periods established under 5 CFR part 1320; and (ii) is essential to the mission of the agency in carrying out the President’s statutory obligations within the time period specified in the REPO for Ukrainians Act. (2) The agency cannot reasonably comply with the normal clearance procedures under this part because the use of normal clearance procedures is reasonably likely to cause a statutory ordered deadline to be missed and OFAC will not be able to enforce its reporting requirements. (b) OFAC requests that OMB approve or disapprove the collection of information by July 12, 2024, to give the regulated public time to collect the relevant information in advance of the reporting deadline. (c) OFAC has taken all practicable steps to consult with interested agencies and members of the public to minimize the burden of the collection of information. Specifically, OFAC has minimized the additional burden on reporting persons by largely conforming the format on the new reporting form to the existing reporting form for blocked assets found in 31 CFR 501.603(b), which is already included in OFAC’s existing RPPR ICR.

Authorizing Statute(s): US Code: 50 USC 1701-1706 Name of Law: International Emergency Economic Powers Act
   US Code: 22 USC 287c Name of Law: United Nations Participation Act of 1945
   US Code: 50 USC 4301 Name of Law: Trading with the Enemy Act

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion	Change Due to Adjustment in Estimate
Annual Number of Responses	137,084	30,051	300	106,733
Annual Time Burden (Hours)	44,372	13,160	150	31,062
Annual Cost Burden (Dollars)	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The estimated 137,084 responses cited in Item 12 represent a significant increase of 106,733 responses from the previously approved collection for this authority (see reference tables below). Since OFAC’s last renewal request for this authority, in response to unpredictable foreign policy developments and considerations, and given the ongoing conflict in Ukraine, OFAC has added a number of new programs and prohibitions, as well as several thousand new designations, particularly with respect to Ukraine and Russian, and received a corresponding increase in related reports. Numerous factors are relevant with respect to calculating the estimated burden associated with the information collection and recordkeeping requirements associated with this collection. Of necessity, OFAC utilizes historical burden data in forecasting future burden hours. In future years, OFAC expects that new sanctions programs may be created, or additional prohibitions imposed under existing programs, and other programs or prohibitions may be terminated, which may slightly increase or decrease the burden associated with this collection authority. The creation of new programs or prohibitions, or the elimination of programs or prohibitions, are difficult to estimate as these changes are often responding to specific and unforeseeable foreign policy developments and considerations. However, these changes may have an impact on the time and cost estimates under this collection authority. At the same time, OFAC has been working to streamline the reporting process, and to update its technologies to assist submitters in the reporting process with a view toward reduction of the overall burden on submitters of required reports. For example, the ORS electronic reporting system continues to reduce the burden of submitting certain required reports for many submitters, including many large, higher-volume filers. OFAC expects this small burden reduction trend to continue as more submitters utilize ORS for reporting given the upcoming mandate for ORS filing for certain reports, and reporting of additional forms and information becomes available via ORS in the future. In addition, OFAC continues to finetune its methodology for calculating burden in an effort to be more precise and accurate in its burden estimates and calculations.

Annual Cost to Federal Government: $377,859

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. Yes

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

Agency Contact: Katherine Gupta 202 622-2148 katherine.gupta@treasury.gov

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